Nintendo president Satoru Iwata learned about risk and failure from former president Hiroshi Yamauchi. Speaking at the B Dash Camp conference for startups in Osaka recently, Iwata said that Yamauchi, who passed away last month at 85, taught him to take risks.
"If you do the same thing as others, it will wear you out," Iwata said, as reported and translated by The Bridge. "Nintendo is not good at competing, so we always have to challenge [the status quo] by making something new, rather than competing in an existing market."
Creating "something new" also carries the risk of failure, but Iwata said that's something that Yamauchi taught him about as well.
"He always said that if you have failure, you don't need to be too concerned. You always have good things and bad, and this reflects the history of Nintendo."
Iwata made his comments nearly a year after the Wii U console was released in Nov. 2012. By late July 2013, Nintendo said in an earnings report for the first quarter ending June 30, 2013 that the Wii U had a "negative impact" on profits. However, sales of the Nintendo 3DS and its software increased 12 percent and 10 percent respectively worldwide in the same quarter.